Should you expand your business within a town or not? There are benefits to both but do the benefits outweigh the costs?
With the economy improving is it better to extend your business in towns or to move out of the town to increase your business’ capacity?
2014 GDP growth expectations have increased from a modest 1.9% to 2.4% and businesses are looking to increase headcount. Both clear signs that the economy is picking up at long last.
Whether providing for increased demand means more stock or more man power to increase services or man hours offered, your business will need more space.
But should this space be premium space connected to your existing central site in a town or city or should you invest in a less expensive facility further from a geographic centre that may enable a greater flexibility of space at a lower cost than a town centre site.
Expanding your business within a town or city such as Slough
This can have some great benefits, particularly if it is part of your existing site:
For one it means that the extension to the business can be more readily incorporated into the existing structure, people are physically closer which means communication can flow more freely and individuals and teams will liaise more effectively on inter-departmental projects.
Good rail links could also means that the pool of potential candidates for any recruitment campaign is likely to be larger, increasing the likelihood of attracting stronger candidates.
But then setting up a new site outside of a town such as Slough also brings about some key benefits:
Less traffic and parking issues increasing the chances of staff arriving at work on time and are likely to therefore impact on hours spent at work.
More space at a lower cost.
Offices based in Slough town centre just £24 per sq ft², compared to similar offices based in an industrial park outside the town of Slough that cost just £15 per sq ft² per calendar month. This is just an example and national property price differences will impact this meaning that the variance in price may well be larger for other towns and cities in the UK.
Increased flexibility for future site development. Out of town sites are more likely to be subject to fewer restrictions on development, building and use of space than an inner city or town centre site.
It is likely to be easier to attain the space to extend your business so should you decide to relocate your full business to your new site and then subsequently to extend the site again this should be more feasible from a planning and space point of view in an out of town site than in a central site, subject of course to the usual planning permissions.
It’s a difficult decision and you may wish to try solutions before committing yourself. By putting some of your business’ property into a Slough Self Storage facility, Space Station can give you the space to experiment with keeping all of your staff on site or your increased stock holding on site. Alternatively, if you want to see what it is like to move your whole business out to an out of town site then Space Station self storage can help you to move, enabling you to store important documents and things during the move, either for safe keeping or until you are ready to find a home for them.